Credit & Debit Mastercards banned in India

  • On Saturday, the Reserve Bank of India (RBI) banned Mastercard from onboarding new customers from July 22 as the institution failed to comply with local data storage guidelines.

  • This decision will impact differently to the different banks depending on the number of credit card schemes they offer, that are tied with Mastercard.

  • RBL, Yes Bank, and Bajaj Finserv are the most affected banks followed by IndusInd Bank, ICICI Bank, and Axis Bank since they offer a large proportion of Mastercard credit schemes.

  • All the current Mastercard holders need not worry as RBI has clearly directed that this decision will not affect existing cardholders and only applies to banks and customers going forward.

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